Skyway Aviation’s revenue rises 8.2% to N34.26bn in nine months of 2026

Skyway Aviation Handling Company Plc has recorded an 8.16 per cent increase in revenue to N34.26 billion for the nine months ended September 30, 2026, from N31.68 billion recorded in the corresponding period of 2025.

The growth reflects an expansion in the company’s aviation ground-handling business, supported by increased business activities during the review period.

According to its unaudited financial statements filed with the Nigerian Exchange Limited (NGX), the company’s revenue increased by N2.58 billion year-on-year, while direct costs rose by 16.54 per cent to N16.37 billion from N14.04 billion.

Consequently, gross profit increased marginally by 1.48 per cent to N17.89 billion from N17.63 billion recorded in the corresponding period of 2025.

Other operating income, however, rose to N515.96 million from N304.38 million, while finance income increased to N264.58 million from N81.25 million.

Finance expenses also increased to N500.73 million from N219.98 million.

A breakdown of the financial statements showed that Skyway Aviation generated revenue of N11.23 billion in the third quarter of 2026, representing a 5.83 per cent increase from N10.61 billion recorded in the corresponding period of 2025.

The company’s direct costs declined to N5.63 billion from N7.45 billion, contributing to an increase in gross profit to N5.60 billion from N3.16 billion.

Other operating income increased to N166.99 million from N87.06 million, while administrative expenses stood at N3.40 billion compared with N2.76 billion in the corresponding period.

The company also recorded finance income of N130.57 million, compared with N15.31 million in the third quarter of 2025, while finance expenses increased to N169.62 million from N87.10 million.

Meanwhile, the company’s total assets increased to N87.79 billion as of September 30, 2026, from N82.69 billion at the end of December 2025.

Compared with N53.02 billion recorded in September 2025, total assets increased by approximately 65.6 per cent.

Non-current assets stood at N64.01 billion, compared with N27.45 billion in the corresponding period of 2025, reflecting increased investment in long-term assets.

Property, plant and equipment accounted for N57.25 billion, compared with N21.88 billion a year earlier.

Current assets stood at N23.78 billion, compared with N25.58 billion in September 2025.

Trade and other receivables declined to N16.07 billion from N19.39 billion, while inventories increased to N2.22 billion from N1.82 billion.

Cash and cash equivalents stood at N5.50 billion, compared with N4.37 billion in the corresponding period of 2025.

Shareholders’ funds increased to N65.37 billion from N36.98 billion in September 2025 and N62.21 billion at the end of December 2025.

The company’s equity position included retained earnings of N23.46 billion and a revaluation reserve of N33 billion. Share capital and share premium stood at N676.79 million and N4.78 billion respectively.

On the liabilities side, long-term borrowings increased to N2.57 billion from N2.28 billion in September 2025, while short-term borrowings rose to N1.40 billion from N699.40 million.

Total current liabilities increased to N14.26 billion from N9.82 billion, while non-current liabilities rose to N8.17 billion from N6.22 billion.

Further analysis of the cash flow statement showed that the company generated N13.74 billion in net cash from operating activities during the nine-month period, representing a 43 per cent increase from N9.61 billion recorded in the corresponding period of 2025.

Cash generated from operations increased to N15.47 billion from N11.20 billion, indicating improved cash generation from its business activities.

However, net cash outflow from investing activities rose to N11.63 billion from N7.70 billion, largely driven by increased expenditure on property, plant and equipment.

Purchases of property, plant and equipment amounted to N11.60 billion, compared with N7.65 billion in the corresponding period of 2025.

The company also recorded a net cash outflow of N1.50 billion from financing activities, compared with N570.48 million in the previous year.

Dividend payments amounted to N1.62 billion, against N812.15 million in the corresponding period of 2025.

Additional loans obtained during the period amounted to N1 billion, while repayment of borrowings stood at N877.54 million.

Consequently, cash and cash equivalents increased by N611.41 million during the nine-month period to N5.50 billion at the end of September 2026, compared with N4.88 billion at the beginning of the year.

The financial statements, approved by the company’s board on October 13, 2026, reflect increased investment in infrastructure and improved operating cash generation during the period.